China’s domestic steel scrap market continued strengthening last week, with Mysteel’s steel scrap price index increasing by Yuan 50.7/tonne ($7.7/t) on week to Yuan 3,312.6/t on delivery and including the 13% VAT. Respondents to Mysteel’s latest survey attributed the price rise to overall domestic steel price increases and to steelmakers’ steady consumption.
April 8, steel scrap stocks at the61 domestic blast furnace and
electric-arc-furnace (EAF) steel plants under Mysteel’s regular survey had ended
their four straight weeks of inclines, reversing down by 205,900 tonnes or 6.3%
on week to 3.05 million tonnes. This was sufficient to last the mills for 12 days of